Inmates from the county prison who are on work release are counted as part of the labor force
a. True
b. False
Indicate whether the statement is true or false
False
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If there are approximately 6,000 barrels of known reserves of oil, an estimated 10,000 barrels of unknown reserves of oil,
and it is estimated that the supply of oil will be depleted in 40 years, what is the annual consumption of barrels of oil, all else equal? A) 150 B) 250 C) 400 D) 1,600
Refer to Figure 15-3. Suppose the monopolist represented in the diagram above produces positive output. What is the price charged at the profit-maximizing/loss-minimizing output level?
A) $38 B) $54 C) $68 D) $75
The "law of supply" states that, other things remaining the same, firms produce
A) more of a good the less it costs to produce it.
B) less of a good the more it costs to produce it.
C) more of a good the higher its price.
D) less of a good as the required resources become scarcer
To address the problems created by negative externalities, economists prefer programs that:
A. require government to conserve, using general tax revenues to pay for the program. B. make people who have the lowest cost of reducing consumption choose to undertake the most reduction. C. require all people to reduce consumption equally. D. make people who have the lowest benefit of reducing consumption choose to undertake the most reduction.